印度 ESG 投資的三個著眼點

【ESG分析師洞見分享】Ryan Fung, CESGA

ESG 投資有歐美的打法,也有亞洲的打法,最大分別不只限於投資者胃納不同,且源於企業股權結構、管理層取態、國家政策一致性等因素,懂得「因時制宜」也是很重要的教條,之前寫過一些有關日本的 ESG,是時候關注一下另一個國家:印度。

印度是世界第三大碳排放的國家,如果要進行 ESG 投資,似乎也需跟中國一樣需要留意很多細節。花旗分析員在上季就發表一份清潔能源報告,提到再生能源、電動車、綠氫等領域,值得關注。

隨著印度經濟活動頻繁令發電量需求增加,將繼續推動再生能源發電量的成長,而在再生能源之中,分析員預期太陽能是主力,光伏裝置容量強勁增進,而風能和能源儲存也有一定增長;不過由於印度在用電高峰時段出現短缺的頻率增加,相信仍會推動會產生污染的煤炭發電。

另一方面,鑑於再生能源的預期成長及其固有的間歇性,儲能系統的角色將日益變得至關重要,印度政府也宣佈了「至 2029 – 30 年為止能源儲存發展路線圖」 及「可再生能源採購方針」。

有關電動車消費市場方面,印度似乎就跟美國、中國一樣,最重要的驅動因素要看政府補貼,預計電動車在該領域的滲透率將從現在佔銷售額的 5% 增加,到 2025 財年約 9%,到 2030 財年約 20%。

不過市場佔一大部分的入門級汽車,是否會迅速實現電動化,具體要視乎企業補貼、用戶福利、汽車定價。值得留意的是,印度在電池價值鏈中仍高度依賴進口,鋰離子電池價格趨勢會左右其普及率。

至於全球也爭相要發展的綠色氫氣,花旗分析員的看法比較悲觀,認為 1,750 億盧比的總支出不足以使印度具有競爭力,縱使國家希望發展成全球綠色氫氣生產中心,目標是生產至少每年 500 萬噸,但預計印度的綠色氫氣產量,最終或許僅達政府既定目標的 20% 左右。

至於其他值得關注的領域,還有生物燃料及碳捕獲(CCUS)等相關技術,相信在政府的推動下,汽油中的乙醇混合率會大幅上升。目前整體混合率約為 12%,2026 財年的目標為 20%,但壓縮沼氣(CBG)仍處於初級階段。而儘管幾家印度大企業也有意發展 CCUS 市場,但 CCUS 成本高,是印度大規模採用 CCUS 的主要障礙,一切仍有待專門的政策作為誘因。

ESG 和 SRI 不再是小眾領域,而是迅速成為主流投資方式,不過由於 ESG 結集著地緣政治、科技、氣候、文明,一些矢志推動經濟發展的碳排放大國,似乎確實會別具特色,沒有那麼簡單。

# 本文章由 EFFAS 環境、社會及管治分析師 (CESGA) 所撰寫。CESGA在歐洲以及全球都具有高度認受性,全球報名人數持續上升。有志報讀的人士,請參閱:https://bit.ly/3tFUQ1M

Private Capital Mobilization Is Essential for Scaling-Up Clean-Tech

Mostafa Monira Firdouse, Green Finance Advisor, FoE (HK)

Over the past decade, there has been a big increase in the use of climate-friendly technologies, which has been even better than expected. Renewable energy sources like solar, wind, and hydropower have become really important and widely available.

The amount of renewable energy being produced globally has stayed steady and has even gone beyond what was expected in 2019. The capacity for renewable power has almost doubled between 2015 and 2020, with solar panels and wind turbines growing the most. Which are often initially financed by blended finance mobilizing private capital at a scale.

These technologies have the potential to reduce up to 90% of human-made emissions by 2050. But there’s still a gap between how ready these technologies are and how much they’re being used commercially. Only 10% of their potential is being fully used. Climate technologies are also more expensive to develop than other technologies, and recent interest rate increases have made it even harder to afford them. While there has been a lot of interest from investors in climate technologies in recent years, it’s been harder to get financing in 2023.

Climate technologies need more money than venture capital firms usually provide, and they’re riskier than private equity and infrastructure funds are willing to support. To make these technologies more widely available, we need a different approach to financing that takes into account their unique characteristics, like the fact that they’re new and sometimes expensive upfront.

We also need public-sector support to lower the cost of capital and attract private investment. Blended finance models, which combine public and private money, are important for funding riskier projects in the early stages, however, each dollar of blended finance should be tagged with a new types of funds, like infrastructure growth capital and industrial venture capital funds, to meet the financing needs of climate technologies.
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https://www.mckinsey.com/capabilities/sustainability/our-insights/what-would-it-take-to-scale-critical-climate-technologies

https://www.bdc.ca/en/articles-tools/money-finance/get-financing/how-finance-your-cleantech-business

Jan-Mar 2024 Events on Green Finance / 2024年1-3月綠色金融活動一覽

Check out the above calendar for the fantastic green finance events for Jan to Mar 2024! Interested to join and know more about the events? Click the links below for details:

以上兩圖看清2024年1-3月精彩的綠色金融活動!如欲參加及了解活動詳情,歡迎瀏覽以下網址:

[1] ESG Regulations Tracker: 2024 Outlook and Spotlight on Banks

[2] Investing for a Sustainable Future: Global Efforts Towards Deforestation-Free Supply Chains

[3] Global Q&A webinars on the GRI Climate Change and Energy exposure drafts

[4] Understanding Carbon Market Opportunities – Pricing Methodologies and Trading Strategies

[5] 2024 APAC ESG and Sustainable Finance Outlook

[6] New Green Shoots 2024: Latest trends and innovations in nature finance

[7] Race to Zero – Sustainability in 2024: Moving from insights to scaleable measures

[8] Biodiversity Training Series: Assessing Biodiversity-related challenges and opportunities in investment and lending frameworks

[9] Climate Business Forum: APAC

[10] Designing responsible investment policies for real-world change

[11] Climate risks and opportunities in APAC and tools to identify them

[12] Global responsible investment practices: PRI reporting data insights

COP28-淨零氣候數據及其對投資者的影響

【ESG分析師洞見分享】Delton Lau , CESGA

《聯合國氣候變化框架公約》 (UNFCCC) 第28次締約方會議,通常稱為COP28,是由聯合國組織的規模最大的年度國際氣候會議。來自197個國家的政府代表會聚集在一起,嘗試就應對氣候危機的行動達成一致意見,金融參與者、企業和民間社會亦會齊聚一堂。本文會簡要討論關於淨零氣候數據其中一個關鍵成果及其影響。

過去一年,全球極端天氣事件愈趨頻繁,經常錄得破紀錄的溫度,使今年COP28對往後的影響變得前所未有般重要。全球盤點(Global Stocktake, GST)是對實現2015年巴黎協定目標進展的首次全面檢查,結果顯示全球溫室氣體(Greenhouse Gas, GHG)排放水平超過臨時目標,且未實現2030年近期目標。以2019年作基準,全球溫室氣體排放需在2030年或之前削減43%,並在2035年或之前削減60%,以於2050年或之前實現淨零溫室氣體排放。這對於達到巴黎協定維持在攝氏1.5度的務實目標具深遠影響。此外,這也要求各國政府更新2035年的國家自主貢獻(NDCs),並且盡速採取其他技術、財政和政治行動來糾正全球溫室氣體排放的進程。

GST顯示我們需要迅速加大對能源轉型的投資,推廣可再生能源,同時擺脫化石燃料。它特別強調了向發展中國家提供資金的迫切需要,以避免繼續依頼化石燃料基礎設施。於金融領域中,格拉斯哥淨零金融聯盟(Glasgow Financial Alliance for Net Zero, GFANZ) 於2021年4月與「淨零競賽」運動 (Race to Zero campaign) 合作,努力協調金融體系各個領域,加速實現全球淨零經濟轉型,並跟進成員轉型的進展。然而,缺乏可獲取、高質量和可比較的氣候數據,仍然是實現全球淨零經濟最大障礙之一。持份者主要關心的是如何確保氣候數據的一致性、且易於獲取和比較,以確保氣候考慮能充分融入決策和各種策略之中。

事實上,在2021年10月28日的「一個地球」 (One Planet Summit),一個討論保護全球生物多樣性的高峰會中,法國總統埃馬紐埃爾·馬克龍 (Emmanuel Macron) 和聯合國特使邁克爾·R·布隆伯格(Michael R. Bloomberg)倡議成立了「氣候數據指導委員會」(Climate Data Steering Committee, CDSC)。該委員會於2022年9月發布了初步建議,呼籲創建一個「淨零數據公共事業」 (Net Zero Data Public Utility, NZDPU)。根據CDSC的進展報告1,NZDPU的概念驗證最重要的一環是提供免費氣候轉型相關數據、增強一致性和透明度,以滿足用戶需要。概念驗證提供了基礎架構,以量度公司的直接(範圍1)和間接(範圍2及範圍3)溫室氣體排放,以及減排目標資料的可獲取性。概念驗證使用了來自全球環境披露系統碳披露專案(Carbon Disclosure Project, CDP)的數百家公司的數據,使用戶可以體驗NZDPU初期的特點和功能。NZDPU的設計嚴格遵循溫室氣體盤查議定書裡的方法2,相對氣候相關財務揭露工作小組(Task Force on Climate-related Financial Disclosures, TCFD) 的披露範圍,NZDPU較專注於排放披露。NZDPU將會致力克服用戶由現有數據,轉到使用經CDSC檢測的氣候相關數據的難題。簡而言之,NZDPU將成為全球第一個集中、免費、開放的私營部門氣候轉型相關數據儲存庫。這個新的數據門戶能讓投資者和監管機構了解哪些公司在履行承諾方面所取得的進展,同時也賦予公眾權力,使公司承擔責任,言行一致。

有關公眾咨詢將開放至2024年3月1日,持份者將有機會提供反饋,以指導NZDPU未來的發展。相信從NZDPU獲得的淨零數據可以彌補投資者在評估氣候風險方面缺少的數據,並進一步推動淨零投資者融資,實現淨零目標。然而,現階段對於NZDPU的實際結果仍然存在疑慮,雖然許多司法管轄區在披露氣候相關信息方面取得了相當大的進展,但國際上具一致性的強制披露規則和標準尚未於全球實施,亦存在許多待解決的灰色地帶。同時,在披露特定氣候轉型相關指標方面有一定的局限,仍需要進一步探討發展以解決相關難題。

1. https://assets.bbhub.io/company/sites/75/2023/11/CDSC-2023-Progress-Report.pdf

2. 請參閱「淨零數據公共事業發展建議」(CDSC, 2022)

本文由EFFAS認證的環境、社會和治理分析師(CESGA)撰寫。CESGA在歐洲和全球備受認可,並且在全球穩步增長。如有興趣加入,請參考https://bit.ly/3tFUQ1M。

COP28 – climate data for net zero and its implications for investors

【Certified ESG Analyst Insights Sharing】Delton Lau, CESGA

The 28th Conference of the Parties of the United Nations Framework Convention on Climate Change (UNFCCC), more commonly referred to as COP28, is the largest annual international meeting on climate organized by the United Nations. Government representatives from 197 countries come together and attempt to agree on action for the climate crisis which has also gathered financial actors, corporates and civil society. This article would briefly address one of the key outcomes regarding climate data for net zero and its implications.

Following a year of increased frequency of extreme weather events and record breaking in temperature, the stakes for COP28 this year always reaches a high records. The Global Stocktake (GST) was the world’s first exhaustive check-up on progress towards meeting the objectives of the 2015 Paris Agreement, and the outcome showed that global greenhouse gas (GHG) emissions levels have exceeded interim targets and are off-target for the near-term goals of 2030: global GHG emissions need to be cut by 43% by 2030 and 60% by 2035 from 2019 levels, aiming for net zero GHG emissions by 2050. This has far-reaching implications for maintaining the 1.5°C target of the Paris Agreement as a realistic option. Also, this calls for governments to work on updating Nationally Determined Contributions (NDCs) for 2035, and yet there are other technical, financial and political actions that are necessary to correct the course of global GHG emissions before time runs out.

It specifically calls out the urgent need to get financing to developing countries in order to avoid locking-in fossil fuel infrastructure. For what concerns financial actors, there are initiatives that track progress of members of the Glasgow Financial Alliance for Net Zero (GFANZ), which was launched in April 2021 in partnership with the “Race to Zero campaign”, to coordinate efforts across all sectors of the financial system to accelerate the transition to a global net-zero economy. Nevertheless, the lack of accessible, high-quality, and comparable climate data remains one of the most significant barriers to achieving a global net-zero economy. A primary concern of stakeholders is ensuring that climate data is consistent and easy to access and compare, to ensure that climate considerations can be fully integrated into decision-making and strategies.

Indeed, in the “One Planet Summit” initiative on 28 October 2021, which focus on global biodiversity, the President of France, Emmanuel Macron, and UN Special Envoy, Michael R. Bloomberg, launched the Climate Data Steering Committee. This committee published initial recommendations in September 2022 calling for the creation of a Net Zero Data Public Utility (NZDPU). As outlined in the Climate Data Steering Committee (CDSC) progress report 1, the NZDPU proof of concept is a significant milestone towards making climate transition-related data freely available in one place with enhanced consistency and transparency to serve user needs. The proof of concept delivers the foundational architecture to allow for scaling accessibility of companies’ direct (Scope 1) and indirect (Scope 2 and Scope 3) GHG emissions, and GHG emissions reduction targets. Populated with data from hundreds of companies that disclose publicly through Carbon Disclosure Project (CDP), the global environmental disclosure system, the proof of concept allows users to experience the initial set of features and functionality of the NZDPU. The design of the NZDPU closely follows the GHG Protocol methodology 2, which has a much narrower scope than the Task Force on Climate-related Financial Disclosures (TCFD), as it focuses specifically on emissions disclosures. The NZDPU will also focus on trying to overcome the existing data challenges experienced by users of climate transition-related data and identified by the CDSC. In simple words, the NZDPU will be the world’s first global, centralized, free, and open repository for private sector climate transition-related data. This new data portal will allow investors and regulators to see which companies are making progress on their commitments, while also empowering the public to hold companies accountable for backing up words with action.

A public consultation opens through March 1, 2024 will give stakeholders an opportunity to provide feedback that will inform the NZDPU’s future development. It is believed that net zero data from NZDPU could close the gap on investors’ data needs to estimate climate risk and further push Net Zero Investors financing to reach net zero targets.  Nevertheless, the real outcome on the NZDPU remain conscious as there are multiple jurisdictions have seen considerable progress relating to disclosure of climate-related information, internationally consistent mandatory disclosure rules and standards have not been implemented globally with plenty of grey zones, which are pending to solve. Meanwhile, it is recognized that there are boundaries to disclosing specific climate transition-related metrics, and further development is needed to address remaining methodological and data challenges.

1. https://assets.bbhub.io/company/sites/75/2023/11/CDSC-2023-Progress-Report.pdf

2. See “Recommendations for the Development of the Net-Zero Data Public Utility” (CDSC, 2022)

Article is written by EFFAS Certified Environmental, Social, and Governance Analyst (CESGA). CESGA is highly recognized in Europe and globally which has been steadily increasing in the worldwide. If interested in enrolling, please refer to https://bit.ly/3tFUQ1M.